GM: GM Announces Energy Strategy

研报英文原文证据摘录

GM: GM Announces Energy Strategy

systems integration, service, and installation.

Ford is doing the cells, systems integration, and service, but not the inverter or installation. The more vertically integrated the

offering, the better the profitability. BESS likely carries higher valuation multiples than automotive given higher profitability and

growth dynamics. To put some numbers to paper, if we assume our Tesla estimate of $267/kWh and 100GWh of annual capacity

with 15% EBIT margins, this could mean an incremental $4B in incremental EBIT, or 27% of GM's '26 Total EBIT level, and all coming

in at higher multiples than autos (closer to industrial companies in the ~10x EBITDA level versus GM's auto business which trades

closer to 4-5x).

Details on today's announcements:

1) Sodium-Ion batteries for grid-scale storage. GM is developing sodium-ion battery cells purpose-built for grid-scale energy

storage, in partnership with Peak Energy and backed by GM Ventures. The company argues that sodium-ion is better suited for

stationary grid storage than lithium-ion — it operates across wider temperatures, lasts more cycles, and can potentially eliminate

the need for active cooling, making large energy storage systems simpler, cheaper, and more reliable. Prototyping begins this year

at GM's Wallace Battery Cell Innovation Center in Warren, Michigan.

Sodium-Ion chemistry has notable pros and cons.

Pros:

- Abundant supply, reducing supply chain and geopolitical dependency vs lithium

- Wider temperature range

All values in USD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).

Disseminated: Jun 9, 2026 20:28EDT; Produced: Jun 9, 2026 20:28EDT

For Required Conflicts Disclosures, see page 3